Natural Gas, WTI Oil, Brent Oil – Oil Gains 2% On China Demand Hopes

Key Insights

• Natural gas pulls back after the recent rebound. 
• WTI oil moved above the $77 level as traders focused on rising demand from China. 
• Brent oil moved above the resistance at the 20 EMA. 

Natural Gas

Natural gas pulls back as traders take some profits off the table after the recent rebound. From the technical point of view, natural gas needs to stay above the 20 EMA to have a chance to gain additional upside momentum in the upcoming trading sessions.

WTI Oil

WTI oil is moving higher as traders bet on rising demand from China. The upcoming production cut from Russia, which will reduce oil production by 500,000 bpd in March, is also providing support to oil markets.

Brent Oil

Brent oil is currently trying to settle above the 20 EMA at $83.40. In case this attempt is successful, Brent oil will get to the test of the next resistance level at the 50 EMA at $84.10. A move above the 50 EMA will signal that Brent oil will try to gain additional upside momentum.

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